Iran reasserts control over the Strait of Hormuz and threatens US bases as ceasefire talks stall, disrupting global oil supply.
Iran’s Foreign Minister Abbas Araghchi reaffirmed sovereignty over the Strait of Hormuz and warned of retaliation against US regional bases, as ceasefire negotiations with the US show no progress. The strait, a critical chokepoint for global oil, has been largely closed since late February, cutting off roughly 20% of global supply and raising fears of price spikes as inventories deplete.
Recent hostilities included Iranian missile and drone strikes on Kuwait and Bahrain on June 3, killing one and injuring dozens, following a US strike on an Iranian-bound oil tanker. Hezbollah rejected a US-brokered Lebanon ceasefire, while President Trump claimed talks were in their final stages—a characterization Iran disputed.
The Republican-led House voted to halt the conflict, drawing public criticism from Trump. Industry officials warn of further market volatility if the strait remains closed, with oil prices already under pressure from dwindling stockpiles.